As inflation continues to take its toll, many workers are looking for ways to increase their earnings. Shannon McLay, CEO of The Financial Gym, joined TheStreet to share her top tips for successfully asking for and securing a raise at work.
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Full Video Transcript Below:
CONWAY GITTENS: And I want to know from you, what are your tips in asking and getting because you can ask, the trick is getting a raise?
SHANNON MCLAY: Yes so, number one, you got to know your worth. We always say all the time, know your worth and understand what your career, your profession, what you are capable of making in that profession. So do your research. Look at companies like Payscale or Glassdoor, see what other in your region and your type of job is earning and compare your pay to. That is number one. Because if you're in a job that averages $50,000 a year and you go and ask your boss for $100,000, you just don't look smart. And so when you're going to negotiate for what you're worth, you want to come in being very prepared and educated on what you can expect. So look at what the industry is paying.
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Talk to - I encourage people to talk to coworkers. You know, they are allowed to, a company can't fire you for talking about pay. So, you know, ask around, ask people in the profession. Then you start having conversations with your immediate boss and start putting feelers out there. The way I like to say it is, I think as a boss and I've been the boss and the employee, I say it starts with a conversation and you say, you know, bring the evidence to your boss and say, here's where I'm thinking, is there a path for me to get there. You know, I think that's a better way of approaching it. Instead of saying, I need to be making $75,000 now, or I need to be making $100,000 now. Yes, you do. But you don't need to tell your boss that.
What you need to say to your boss is I the industry pays this. I'm making this. I'm curious if there's a path for me to make that. And then also in these conversations, I advise clients, be prepared for what your boss is going to say, right. So they may say you're not producing it, you're not delivering at a higher level, or you might need to do x, y and z to improve, or the company just might not be in a good financial position to pay you what you want. And then you have to take that and then make your own decision from there.
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